Fichas
Chapter 10 Key Concepts
Fichas del conjunto (23)
- 1Chart of AccountsList of all accounts used to accumulate information about assets, liabilities, owners' equity, revenues, and expenses.
- 2TransactionsDuring the accounting period, record transactions with customers, vendors, employees, and owners
- 3Trial BalanceAlso an unadjusted trial balance because it is prepared before adjustments. Lists each account and the account balance at the end of the accoutning period
- 4AdjustmentsAny necessary adjustments are made at the end of the accounting period before preparing financial statements
- 5Adjusted Trial BalanceDone to verify that the accounting system still balances.
- 6Financial ReportsPrepares for external users. (Profit and Loss, Balance Sheet, and Statement of Cash Flows)
- 7Profit and Loss StatementLists sales (revenues) and expenses for a specified accounting period. Profit or net income can be measured in two ways ( Cash basis or accrual basis )
- 8Cash BasisSale is recorded when cash is collected from the customer. Expenses are recorded when cash is paid
- 9Accrual BasisSales are recorded when the food or service is provided regardless of when the cash is collected from the customer. Expenses are recorded when the cost is incurred or expires, even if the expense has not been paid
- 10Cash Flows From Operating ActivitiesCash inflows and outlfows related to the company's primary business, such as sales and operating expenses
- 11Cash Flows From Investing ActivitiesCash inflows and outlfows related to acquisition and disposal of long-term assets
- 12Cash Flows From Financing ActivitiesCash inflows and outflows to and from investors and creditors (except for interest payments)
- 13Who Owes You ReportsAccounts Receivable Aging and Open Invoices
(Used to track amounts that customers owe your business) - 14Sales and Customer ReportsIncome by Customer and Sales by Product/Service
( provide detailed information about cutomers and sales transactions ) - 15What You Owe ReportsAccounts Payable Aging and Unpaid Bills
( track amounts that your business owes others ) - 16Expense and Vendors ReportsOpen Purchase Orders and Purchases by Product/Service
( provide detailed information about vendors and expenses transactions ) - 17For My Accountant ReportsTrial Balance, Journal, and General Ledger
( include reports used by an accountant in completing various tasks ) - 18TagsElectronis labels
- 19Financial Reports a Business Prepares1.) Financial Statements
2.) Tax Forms
3.) Management Reports - 20Financial StatementsProfit and Loss, Balance Sheet, and Statement of Cash Flows
- 21Profit and LossLists income and expenses, summarizing the income a company has earned and the expenses incurred to earn the income
- 22Balance SheetLists assets, liabilities, and owners' equity, summarizing what a company owns and owes on a particular date
- 23Statement of Cash FlowsLists cash flows from operating, investing, and financiing activities of a business
Información
- Descripción
- Chapter 10 key concepts for BUS342 at Peru State College
- Creado por
- Tayler Shellhase
- Visitas
- 45
- Etiquetas
- Valoración